Embattled cryptocurrency lender Celsius just lately filed for chapter safety
Celsius CEO Alex Mashinsky has admitted that the corporate had a $1.2 billion gap in its steadiness sheet hole, in line with the corporate’s chapter paperwork.
It was beforehand rumored that the massive steadiness sheet gap was the explanation why cryptocurrency trade FTX handed on the deal to accumulate Celsius.
The beleaguered crypto lending agency has $4.3 billion price of belongings and $5.5 billion price of liabilities.
The corporate invested a giant chunk of its clients’ funds into its personal mining operation by a $750 million credit score line.
Celsius additionally secured a $108 million mortgage from the FTX trade that was collateralized by $403 million price of belongings.
The submitting additionally exhibits that the corporate raised solely $600 million in funding in 2021 as a substitute of $750 million.
As reported by U.Right this moment, the corporate just lately filed for chapter safety.